FRANC GAMBLERS

Evening Star, Issue 22047, 5 June 1935, Page 9

FRANC GAMBLERS

CAUGHT HAPPING WILD SCRAMBLE TO BUY Pres* Association—By Telegraph—Copyright LONDON, June 4. The ‘Daily Express’ says franc gamblers in London and Paris found themselves badly squeezed. They nave been bearing francs for a fortnight, the selling reaching enormous proportions. Th* rapidity with which the new French Government was formed and the inclusion of M. Caillaux, a doughty opponent of devaluation, confounded -them, and when they made a wild scramble to buy francs to-day they carbo up against the effects of co-opera-tion between the Bank of France and the Bank of England. Francs were not available at the old rate, and Pans speculators had to sell shares to meet their losses on the franc gamble. The ‘ Dailv Express’s ’ Pans correspondent. understands that Britain and America will be asked at a conference to stabilise the pound and the dollar on the basis of the present parity of the franc. ~ . , w , •the recovery which began on Friday continued to-day, and most Government loins were three or four points up on the day. _________